@@Navyblue0785 I just purchased my home and I learned all of this through research. My parents paid $17,000 for my Catholic high school education and not ONCE did they cover buying a house! Guess what! I went to the military in which they paid for my tuition in business administration. Not once did one college professor review the home buying process! So what are you talking about? The library doesn’t go over the stressors involved in a house nor the do’s and don’t at closing.
Not only is this visual excellent to break down closing for the buyers or even the sellers. It also re-enforces my knowledge of closing procedures! Great to use for study cap to prepare for the Real Estate exam!
Very good for first time homebuyers. In fact I shared on my Facebook page, Free Help 4 CA Real Estate Agents. This is so simple and easy to understand. Thanks.
We disagree. Unlike other types of insurance that cover future incidents, title insurance protects against loss prevention. A title search would likely not be able to uncover fraud, for example, until well after closing. With a title insurance policy, the homeowner would be indemnified for losses. Without one, the homeowner could be on the hook for legal expenses and be at risk of losing his/her financial stake in the property should another claim prove superior to theirs. About 30% of transactions lean on their title insurance policy in some way.
The title company should have their own insurance in case they didn't do their job properly. Better yet, the record keepers (ie the Gov't) should keep infallible records so no one would need to buy insurance to protect themselves. There should be a law that says if your name is not on record as the owner, you should not, in any circumstance, have a say regardless of what was verbally promised to you. The focus should be on minimizing unnecessary fees by empowering involved parties. I loathe the word "insurance". If we all do our job properly, no one would need 'insurance'. I wonder if I can just go get the record myself. I'm guessing there is a law against that. I don't know anything about buying a house but it should be way easier than that.
@@beenn15 yes, there are way too many agents, intermediaries within the property purchasing process. All with their hand out looking for money, just to do some paperwork. Most people work hard for their money, but these intermediaries seem like some sort scam. Just as you say, insurance, in case people in the bureacracy didn't do their job right. Then wth are we paying all these taxes for?
What do you mean exactly? If you're a real estate agent, you are welcome to post our video on your website with attribution. We can also connect you with the company that help create ours.
Sure, the only thing not clear to me is how the closing cost can vary by thousands with each lender, from 5k to 13k from chase recently......for exactly the same loan amount and terms. Loan officers are like car salesman, candy coat a loan cost and interest then slip in a 2k fee......why isn't this regulated and stop the swindling of clients?
Researching because I'm considering buying a condo. So much money goes into a buying home. Unless you make really good money you're better off renting.
So we pay tax. Gov keeps the record of legal property right/owner. Then we pay private companies again to make sure that gov did right. Then we pay more to insurance to make sure previous two did right.... Then pay more to transfer gov record paper from one person to another person... .. Soo.. tell me again what is our tax money is for????
They want $55K in closing costs for selling my home. That's a lot of money for some high school educated (if that) people who can spend 30 seconds on the internet doing a title search and filing the new title. (When I bought the home 10 years ago the title papers were filled with errors from a teenager preparing them and explaining their errors to the teenager got me a confused dog look.) Also, I can understand paying 6% commission when houses were $25K and it took a lot of knowledge and professionalism to sell a house but now it's really just corruption.
what if the price showed by the company is not the real price...is thebuyer entitled for a refund bec there is a mistake with the companys or developer staff ?
You can ask them to, in the form of sellers concessions. But they are less likely to pick your offer if they have other offers without sellers concessions.
Farmer Nate I ended up getting them to :) Luckily my area has so many homes on the market they can't really be picky. Got a new roof, AC and 4500 in closing costs covered on a 132000 house lol. LUCKY!
Who pays for closing costs really depends on the region. In the Washington, D.C. metro area where we work, it is generally the buyer who pays for closing costs (and therefore it is the buyer's right to choose the title company). A seller may choose to pay some or all of the closing costs. We've see that happen more when home inventories are high and there aren't a lot of buyers.
well i can say with forclosed homes u pay for EVERYTHING. me and my hubby are trying to find an affordable home not too far from the city but its alot harder than we thought :/
OK, so first I pay someone to look to see if the home has any heirs that the home could possibly belong to and just in they didn’t do their due diligence and finding heir then pay for insurance, just in case somebody out the woodworks gd we will neva wiiiiiinnnnnn!
It's not just about ownership, it's also about defects and liens, check out this article for more information www.federaltitle.com/why-does-owners-title-insurance-get-a-bad-rap/
You can learn more about title insurance and closing costs on our website, federaltitle.com/title-insurance. Your real estate agent and/or lender can also help make sense of closing costs.
I can't help but imagine trying to consume this video with low vision / blindness / a cognitive disorder. Please work on improving accessibility. Quick tip: Replace the word "this" with the actual thing you're referring to.
These are things they should touch on in your senior year of high school
That's a good consideration but let's be real. Most people don't pay attention in school
pick up a book at a library
Yes and credit
@@Navyblue0785 I just purchased my home and I learned all of this through research. My parents paid $17,000 for my Catholic high school education and not ONCE did they cover buying a house! Guess what! I went to the military in which they paid for my tuition in business administration. Not once did one college professor review the home buying process! So what are you talking about? The library doesn’t go over the stressors involved in a house nor the do’s and don’t at closing.
formal
Not only is this visual excellent to break down closing for the buyers or even the sellers. It also re-enforces my knowledge of closing procedures! Great to use for study cap to prepare for the Real Estate exam!
The world is truly amazing. Fraudulent practice has drawn simple transactions to extensive process with prohibitive costs!
This is such a great tool to share with clients. Excellent display!
I wish I had my whole life explained to me visially :( VERY HELPFUL VIDEO!
Very good for first time homebuyers. In fact I shared on my Facebook page, Free Help 4 CA Real Estate Agents. This is so simple and easy to understand. Thanks.
Very good for first time homebuyers. A real estate agent like myself can appreciate this video. Thanks Federal Title and Escrow.
Well done on showing visually and with an excellent explanation of how closing costs work.
great, informative, to the point in plain language, and cool to look at
Agreed. Nice basic, helpful information for first time home buyers.
This visula explanation is nice and helpful, Thanks
It's racket for businesses and government to make money off of what is yours.
We disagree. Unlike other types of insurance that cover future incidents, title insurance protects against loss prevention. A title search would likely not be able to uncover fraud, for example, until well after closing. With a title insurance policy, the homeowner would be indemnified for losses. Without one, the homeowner could be on the hook for legal expenses and be at risk of losing his/her financial stake in the property should another claim prove superior to theirs. About 30% of transactions lean on their title insurance policy in some way.
The title company should have their own insurance in case they didn't do their job properly.
Better yet, the record keepers (ie the Gov't) should keep infallible records so no one would need to buy insurance to protect themselves. There should be a law that says if your name is not on record as the owner, you should not, in any circumstance, have a say regardless of what was verbally promised to you.
The focus should be on minimizing unnecessary fees by empowering involved parties. I loathe the word "insurance". If we all do our job properly, no one would need 'insurance'.
I wonder if I can just go get the record myself. I'm guessing there is a law against that.
I don't know anything about buying a house but it should be way easier than that.
@@beenn15 yes, there are way too many agents, intermediaries within the property purchasing process. All with their hand out looking for money, just to do some paperwork. Most people work hard for their money, but these intermediaries seem like some sort scam. Just as you say, insurance, in case people in the bureacracy didn't do their job right. Then wth are we paying all these taxes for?
@@beenn15 i don't know about other countries, but the USA just seems like one big scam.
That's right!
So this is used for that to purchase this for these and this is in charge of those. Got it.
Great explanation! Really needed this! Thanks!
That was AWESOME!!! Can you do one for an Real Estate Agent. I love this!!!!!!!!!!!!!
What do you mean exactly? If you're a real estate agent, you are welcome to post our video on your website with attribution. We can also connect you with the company that help create ours.
The government is always taking a "little bit" of something. They have to pay their federal debts too😂😂😂😂
excellent job explaining things.
Helpful to see/hear this process.
Love the video, very helpful, you simplified it so well, thankyou.
Thank you for this video. It helped me understand so much more.
most excellent "chunking", as carl sagan would say. this makes it sound easy
Sure, the only thing not clear to me is how the closing cost can vary by thousands with each lender, from 5k to 13k from chase recently......for exactly the same loan amount and terms. Loan officers are like car salesman, candy coat a loan cost and interest then slip in a 2k fee......why isn't this regulated and stop the swindling of clients?
www.consumerfinance.gov/knowbeforeyouowe/
What about if it’s a brand new house???
Cost is expensive
This is a great video!
Researching because I'm considering buying a condo. So much money goes into a buying home. Unless you make really good money you're better off renting.
So we pay tax. Gov keeps the record of legal property right/owner. Then we pay private companies again to make sure that gov did right. Then we pay more to insurance to make sure previous two did right.... Then pay more to transfer gov record paper from one person to another person... .. Soo.. tell me again what is our tax money is for????
But it doesn’t explain why closing costs are 10%ish of the sale price, not a fixed fee
Guess you missed the part about loan and interest
They just find ba to charge you- this entire process could’ve been done easily. But they make it complicated to charge money
They want $55K in closing costs for selling my home. That's a lot of money for some high school educated (if that) people who can spend 30 seconds on the internet doing a title search and filing the new title. (When I bought the home 10 years ago the title papers were filled with errors from a teenager preparing them and explaining their errors to the teenager got me a confused dog look.) Also, I can understand paying 6% commission when houses were $25K and it took a lot of knowledge and professionalism to sell a house but now it's really just corruption.
The correct order you should have put #1. Lenders #2. Title fee #3. Gov record 🏦
@ERNALENT Thanks very much. Feel free to share this video with your homebuyers. They may also like the one we have that explains title insurance.
I love your video. Is it ok for me to use this video for training my clients and on my website?
This is crazy,, all these fees just to buy a wooden box..Smh🤦♂️
It's a smidgen bit more than that. Lol
That Real reason why a bunch homeless everywhere in United states bcz real estate is very complicated and overpriced
Be sure to know if you are in a State that uses Closing Attorneys (i.e. South Carolina) as opposed to Title Companies. But the process is the same.
How can title insurance prevent someone ,who legally can claim there ownership of the property?
suprb explaination...i need know how interest rates go up & down sir?
Great Job....
Nice video good understanding can u make wide video pls
Why does this say that there is still a HUD 1? Now it's a Closing Disclosure Form.
He explained the SHIT out of it!
Does everything explained in the video go into an Escrow Account?
He broke it down.
Can a buyer just purchase the home without inspection? I mean, yea, its a risk the buyer take.
Thanks cool vid.
thankyou
what if the price showed by the company is not the real price...is thebuyer entitled for a refund bec there is a mistake with the companys or developer staff ?
Unless you are a veteran then you don't pay for lots of service, but instead the VA pays for you.
Sorry! No Michigan. We service D.C., Maryland, Virginia and Florida.
great
Nicley Done!
Where does he find all of these videos...?
why do they teach us calculus and not this ?
what a scam
I think entire system in USA is a scam.
From what I understand don't the sellers generally pay the closing costs if you have a good realtor?
You can ask them to, in the form of sellers concessions. But they are less likely to pick your offer if they have other offers without sellers concessions.
Farmer Nate I ended up getting them to :) Luckily my area has so many homes on the market they can't really be picky. Got a new roof, AC and 4500 in closing costs covered on a 132000 house lol. LUCKY!
Who pays for closing costs really depends on the region. In the Washington, D.C. metro area where we work, it is generally the buyer who pays for closing costs (and therefore it is the buyer's right to choose the title company). A seller may choose to pay some or all of the closing costs. We've see that happen more when home inventories are high and there aren't a lot of buyers.
well i can say with forclosed homes u pay for EVERYTHING. me and my hubby are trying to find an affordable home not too far from the city but its alot harder than we thought :/
It's all done from computer data entry, there is zero reason it should cost so much.
OK, so first I pay someone to look to see if the home has any heirs that the home could possibly belong to and just in they didn’t do their due diligence and finding heir then pay for insurance, just in case somebody out the woodworks gd we will neva wiiiiiinnnnnn!
It's not just about ownership, it's also about defects and liens, check out this article for more information www.federaltitle.com/why-does-owners-title-insurance-get-a-bad-rap/
can we post this video on our website?
just want to be sure we are not illegally using it
Please feel free to re-post the video with attribution. Thank you!
We are an independent title company based in Washington, D.C. Learn more about us here: federaltitle.com/about
Wow nice vid
Thank you ❤
Likes and subscribe
Thosw angel wings should be devil horns
Like mucho
Im 22 and still lost af after this video
You can learn more about title insurance and closing costs on our website, federaltitle.com/title-insurance. Your real estate agent and/or lender can also help make sense of closing costs.
I can't help but imagine trying to consume this video with low vision / blindness / a cognitive disorder. Please work on improving accessibility. Quick tip: Replace the word "this" with the actual thing you're referring to.
couldnt imagine blind people use you tube alot
Sounds like a scam